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3 things Bitcoin (BTC) needs to hit $60,000
With Bitcoin currently trading below crucial resistance levels, a lot of investors are eyeing the $60,000 mark as the next big target. However, for the BTC price to reach this level, three key conditions must align:
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Liquidation of high-leverage short orders: A short squeeze could significantly push Bitcoin up, particularly given the substantial leverage noted between $58,000 and $60,000 in Binance heatmap data.
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Increased institutional inflows: Long-term growth requires more institutional investors like BlackRock (NYSE:BLK) to enter the cryptocurrency space.
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Change in sentiment: Currently, extreme fear marks the market sentiment, preventing Bitcoin from rising higher. Improvement in sentiment is essential for Bitcoin to approach the $60,000 target.
Shiba Inu (SHIB) skyrockets 367% in bullish whale activity surge
On September 10, Shiba Inu experienced a 367% surge in large transaction volume, indicating increased whale activity. According to IntoTheBlock data, Shiba Inu’s large transaction volume totaled $43.52 million, or 3.21 trillion SHIB. This increase coincided with a 2.22% rise in SHIB’s price, rebounding from a low of $0.00001231 on Sept. 6 to a high of $0.0000137 on Sept. 9. As of writing, SHIB’s price has slightly declined to $0.00001302, down 3.28% in 24 hours. The recovery follows a broader market upturn, with Bitcoin also resuming its growth after dipping below $53,000, alongside gains in U.S. stocks like the Nasdaq and S&P 500.
Major XRP Ledger (XRPL) amendment about to go live
According to the XRPScan explorer, the XRP Ledger (XRPL) is set to implement a new amendment called fixAMMv1_1 later this month. This amendment aims to improve or introduce new features by modifying existing code, specifically enhancing the automated market maker (AMM) functionality for decentralized trading on the XRPL. To proceed, the amendment requires the majority endorsement from validators. Currently, 29 out of 35 votes cast, or 82.86%, have supported the amendment. There is a 14-day activation window, and if support remains above 80% during this period, the changes will come into effect.
This article was originally published on U.Today
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